EVgo (NASDAQ:EVGO) reached a long-awaited financial turning point on Tuesday, reporting its first-ever positive adjusted EBITDA alongside a massive 75% surge in quarterly revenue as electric vehicle adoption drives record utilization across its national network.
The Los Angeles-based charging giant posted fourth-quarter revenue of $118.5 million, handily beating analyst consensus of $102.6 million.
The performance capped a record fiscal year 2025, where total revenue climbed 50% to $384.1 million.
The primary engine of this growth was the company’s core charging network revenue, which hit $64 million for the quarter (+37% YoY), marking 16 consecutive quarters of double-digit growth.
A key highlight for investors was the company's move into the black on an adjusted basis.
EVgo reported positive adjusted EBITDA of $24.9 million for Q4 and $12 million for the full year 2025.
This inflection point was supported by a $25.9 million non-recurring ancillary contract closeout payment, but also reflects a significant expansion in gross margins, which jumped to 38% in Q4 compared to just 14.5% a year prior.